(MENAFN) Britain has abandoned his target to restore government finances to a surplus by 2020, amid the aftermath of the Brexit vote, based on reports.
There were already clear signs of shock in the economy in the first week after the June 23 referendum when Britons voted by a narrow margin to leave the EU.
Britain has lost its last AAA credit rating, prompting Bank of England to state that its record low 0.5pct interest rate may have to be reduced more in coming weeks.
"The referendum result is, as expected, likely to lead to a significant negative shock for the British economy," said the nation's Treasury chief George Osborne.
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